Sanders writes: "This recession was caused by the greed, recklessness, and illegal behavior on Wall Street. And, what makes people furious is that Wall Street still has not learned its lessons. Instead of investing in the job-creating productive economy providing affordable loans to small and medium-size businesses, the CEOs of the largest financial institutions in this country have created the largest gambling casino in the history of the world."

Senator Bernie Sanders. (photo: AP)

The American People Are Angry

By Bernie Sanders, Reader Supported News

28 June 12

he American people are angry. They are angry that they are being forced to live through the worst recession in our lifetimes - with sky-high unemployment, with millions of people losing their homes and their life savings. They are angry that they will not have a decent retirement, that they can't afford to send their children to college, that they can't afford health insurance and that, in some cases, they can't even buy the food they need to adequately feed their families.

They are angry because they know that this recession was not caused by the middle class and working families of this country. It was not caused by the teachers, firefighters and police officers and their unions who are under attack all over the country. It was not caused by construction workers, factory workers, nurses or childcare workers.

This recession was caused by the greed, recklessness, and illegal behavior on Wall Street. And, what makes people furious is that Wall Street still has not learned its lessons. Instead of investing in the job-creating productive economy providing affordable loans to small and medium-size businesses, the CEOs of the largest financial institutions in this country have created the largest gambling casino in the history of the world.

Four years ago, after spending billions of dollars to successfully fight for the deregulation of Wall Street, the CEOs of the big banks - JPMorgan Chase, Bank of America, Goldman Sachs and the others - went on a losing streak. The enormous bets they made on worthless, complex, and exotic financial instruments went bad, and they stuck the American people with the bill.

Wall Street received the largest taxpayer bailout in the history of the world. But it was not just the $700 billion that Congress approved through the TARP program. As a result of an independent audit that I requested in the Dodd-Frank bill by the non-partisan Government Accountability Office, we now know that the Federal Reserve provided a jaw-dropping $16 trillion in virtually zero-interest loans to every major financial institution in this country, large corporations, foreign central banks throughout the world, and some of the wealthiest people in this country.

And, instead of using this money to provide affordable loans to small businesses, instead of putting this money back into the job-creating productive economy, what have they done? They have gone back to their days of running the largest gambling casino in the world. In other words, they have learned nothing.

The American people are angry because they see the great middle class of this country collapsing, poverty increasing and the gap between the very rich and everyone else grow wider. They are angry because they see this great country, which so many of our veterans fought for and died for, becoming an oligarchy - a nation where our economic and political life are controlled by a handful of billionaire families.

In the United States today, we have the most unequal distribution of wealth and income since the 1920s. Today, the wealthiest 400 individuals own more wealth than the bottom half of America - 150 million people.

Today, the top 1 percent own 40 percent of all wealth, while the bottom 60 percent owns 2 percent.

Incredibly, the bottom 40 percent of all Americans own just 0.3 percent of the wealth of the country.

According to a new study from the Federal Reserve, median net worth for middle class families dropped by nearly 40 percent from 2007 to 2010. That's the equivalent of wiping out 18 years of savings for the average middle class family.

The distribution of income is even worse. If you can believe it, the last study on this subject showed that in 2010, 93 percent of all new income created from the previous year went to the top one percent, while the bottom 99 percent of people had the privilege of enjoying the remaining 7 percent. In other words, the rich are getting much richer while almost everyone else is falling behind.

Not only is this inequality of wealth and income morally grotesque, it is bad economic policy. If working families are deeply in debt, and have little or no income to spend on goods and services, how can we expand the economy and create the millions of jobs we desperately need? There is a limit as to how many yachts, mansions, limos and fancy jewelry the super-rich can buy. We need to put income into the hands of working families.

A lot of my friends in the Senate talk a whole lot about our $15.8 trillion national debt and our $1.3 trillion deficit. In fact, deficit reduction is a very serious issue and will be one of the major issues of this campaign. Unfortunately, many of my colleagues forget to discuss how we got into this deficit situation in the first place, and how we went from a healthy surplus under President Clinton to record-breaking deficits under Bush.

When we talk about the national debt and the deficit, let us never forget that the current deficit was primarily caused by Bush's unpaid-for wars in Iraq and Afghanistan. Imagine that! President Bush and his deficit hawks forgot to pay for two wars which will end up costing us trillions of dollars. It just plain slipped their minds. On top of that, for the first time in American history Bush and his Republican friends decided, during a war, to give out huge tax breaks - including massive benefits for millionaires and billionaires. Even more importantly, the deficit is the result of a major decline in federal tax revenue because of the high unemployment and business losses that we are experiencing as a result of this recession - caused by the greed and recklessness of Wall Street. Revenue as a percentage of GDP, at 15.2 percent, is the lowest in more than 60 years.

Despite the causes of the deficit, our Republican (and some Democratic) friends have decided that the best way forward toward deficit reduction is to cut Social Security, Medicare, Medicaid, education, food stamps and virtually every other programs of importance to low and moderate income families. We must not allow that to happen.

If we are serious about dealing with the deficit and creating jobs in America, the wealthy are going to have to start paying their fair share of taxes. We also have to end the massive tax loopholes and subsidies that exist for major corporations. (In that regard, Rep. Keith Ellison from Minnesota and I recently introduced legislation that would end all tax breaks and subsidies for the fossil fuel industry). At a time when the United States now spends more money on defense than the rest of the world combined, we also have to cut back on military spending.

Yes, we should deal with the deficit. But not on the backs of the elderly, the children, the sick and the poor!

Most importantly, when we talk about what's happening in America, we have to address the unemployment crisis in this country which now finds 23 million Americans without jobs or who are under-employed. And we know how to do that.

We know that the fastest way to create decent-paying jobs is rebuilding our crumbling infrastructure (roads, bridges, rail, airports, water systems, wastewater plants, deteriorating schools, etc.) We also know that we can create a great deal of employment by transforming our energy system away from foreign oil and coal and into energy efficiency and such sustainable energies as wind, solar, geo-thermal, bio-mass and other clean technologies. We also know that, as our country fights fierce global competition, it is absurd to be laying-off educators and making college unaffordable.

While we continue to do everything we can during the next six months to defeat Republican right-wing extremism, it is also important that we never lose sight of the progressive vision that we are fighting for. If we don't know where we want to go, it will be impossible to get there. Some of the issues that I intend to raise are the following:

Not only must we resist cuts in Social Security, we must lift the cap on taxing higher incomes so that Social Security will be strong for the next 75 years.

Not only must we oppose cuts in Medicare and Medicaid, we must see health care as a right of all and continue the fight for a Medicare for All Single Payer health care system.

Not only must we oppose placing the burden of deficit reduction on the backs of working families, we must demand a progressive tax system in which the wealthy and large corporations start paying their fair share of taxes.

Not only must we oppose cuts in unemployment compensation, we must fight for a jobs program that creates the many millions of jobs our country desperately needs.

Not only must we fight to end disastrous unfettered free trade agreements with China, Mexico, and other low wage countries, we must fight to fundamentally rewrite our trade agreements so that American products, not jobs, are our number one export.

And, not only must we vigorously oppose the war against women, we must fight to end all forms of discrimination and prejudice in this country.

The struggle we are engaged in right now is of pivotal importance for this country. Whether we win or lose will determine the future of America. That struggle is not just for our lives but, more importantly, it is for our children and our grandchildren.

Despair is not an option. I know people get angry, I know they get frustrated, I know they get disgusted. But we don't have the right to give up and turn our backs on our children and grandchildren.

Our job is to simply bring to fruition what the overwhelming majority of the American people want. They want an economy that works for the middle class and working families and not just for the rich. They want everybody in this country to have health care as a right. They want to protect Social Security, Medicare, and Medicaid. They want to move away from these gross inequalities in income and wealth. We have the people behind us. They have the money. And at the end of the day, the people will be stronger than the money.

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Democrats had absolute power in the Senate and the House with a DEMOCRAT President in the WHITE HOUSE 2009-2010.

Where the hell was our CONGRESS in RECOGNIZING and ENFORCING the LAWS of the LAND for those four years?

You people who support Obama and the Democrats need to WAKE UP! Support them when they do good .. but get MAD AS HELL when they SCREW UP! That is normal ... but this new strategy ... Attack the Republicans, attack anyone but who is responsible on the LEFT WING ... this has to STOP!

The Election of Obama will be the historic STEALING of an election and of Our AMERICA that once had COMMON SENSE AND MORALS. Pay attention to the investigation of Illegal votes and Illegal contributions to the Obama Campaign in which investigations are SQUASHED by the DOJ and the OBAMA ADMINISTRATION ... gives one cause to wonder who is telling the truth that will come out in 50 years when all secrets are revealed!

I take it you haven't kept up with a bit of U.S. history, brucbaker. Elections have been manipulated almost forever, but in the last 20 to 30 years, even more so. And that is provable. Obama was not going to be any different from George W. except in style. Did you really do any research on the elections when George W. was installed? Apparently not. Also, if you think the Republicans don't attack the so called opposition, sit down, take a deep breath and watch television, read, and learn analytical skills.

And let's not forget that the 2000 election was stolen in Florida, and the 2004 election was stolen in Ohio, thanks to Republican manipulation of the votes. And now all the Republican governors are finagling to eliminate voters' rights under the usual flimsy excuse of "fraud." The fraud is ALL theirs!

Democrats had absolute power in the Senate and the House with a DEMOCRAT President in the WHITE HOUSE 2009-2010.

Where the hell was our CONGRESS in RECOGNIZING and ENFORCING the LAWS of the LAND for those four years?

You people who support Obama and the Democrats need to WAKE UP! Support them when they do good .. but get MAD AS HELL when they SCREW UP! That is normal ... but this new strategy ... Attack the Republicans, attack anyone but who is responsible on the LEFT WING ... this has to STOP!

The Election of Obama will be the historic STEALING of an election and of Our AMERICA that once had COMMON SENSE AND MORALS. Pay attention to the investigation of Illegal votes and Illegal contributions to the Obama Campaign in which investigations are SQUASHED by the DOJ and the OBAMA ADMINISTRATION ... gives one cause to wonder who is telling the truth that will come out in 50 years when all secrets are revealed!

Actually from what I've seen there was really only a 50 day period in the senate when they had control. Ted Kennedy and Tim Johnson (if memory serves right) were both too ill. Al Franken's swearing in took far to long because of the challenge to that election. Takes more time than that to dig out that 10 lbs of crap that's been crammed into that 5lb bucket.

Your second statement is incorrect. The Republicans delayed the certification of Al Franken's victory in Minnesota and when he finally did take the seat, it was not long before the supermajority of 60 came to an end.

It is the Republicans who are suppressing voting and are rigging the election.

It is the Republicans receiving huge, illegal contributions from billionaires like the Koch brothers.

Democrats had the majority in the House and Senate in 207-'08--so Republicans terropr-baited them at every turn, and when that didn't work, simply filibustered. And they're still doing it.

The GOP has adopted the politics of tantrum, and the D's haven't figured out yet how t deal with it asd long as the Republicans can muster 41 votes in the Senate.

As for Obama's re-election being the "historic stealing of an election," come on. Where's your evidence? and in any case, a Republican (I assume you are one) has a lot of gall talking about sto,len elections after 2000.

They are laughing at us. We argue back and forth left vs right; Democrat vs Republican. Corporate America owns both parties. Can you give me an example of the morality exhibited by the Bush Admin? Killing for oil. Bankrupting a country and killing thosuands so a few could profit? It does not matter who is in the Whitehouse as long as corporate America owns our politicians. We must remove the corporate influence from the government so it can hear the will of the people as opposed to the will of the wealthy.

"I do not know how the Third World War will be fought, but I can tell you what they will use in the Fourth - rocks." - Albert Einstein, interview with Alfred Werner, "Liberal Judaism", Apr. - May 1949. Load up on rocks now, it's your only chance at survival.

That is why you forward this article to every person in your address book, Facebook, Twitter and send it to every state and congressional representative for your state and tell your friends and family to do the same.

they did; or at least tried to. They discovered that the Federal Reserve has lent out TRILLIONS to the banks, and they're at the casino right now. Remember the 2 BILLION loss they were talking about 3 weeks ago?

What does Wall St. have on Obama? Dirty pictures. Inequality has increased faster under Barry than under Young Georgie, the Imposter. Wall St. trickle down was a horrible idea. Elect Dem Senators; no support for the Justice Obstructor in Chief. If GOPer had blocked prosecutions, even investigations (because of what they'd show), the left wold DEMAND impeachment & removal. Obama sold his soul to the devils, sold out his supporters, country. THAT will be his legacy, along with killing Public Option for those FORCED to buy Ins.

We've been angry for a very long time. To whom is your revelation addressed, senator? You have an awful lot of "we musts" in your tirade. Who's we? I assume you're not talking about me and the others who have been angry about this for years. It's time for action, not rhetoric.

Dear BernieYours is by far my favorite voice. All the things that you said need to be done do in fact need to be done. But you forgot to mention getting some anti trust laws that will allow Americans to choose from a wider variety of retailers and banks. It is completely wrong that one discount big box can have a near monopoly on retail sales of just about everything, and thereby control manufacturers and suppliers of all the things that it sells. Both consumers and suppliers deserve better and more choices, readily available. We need protection from the monopoly-like driven economy that we are in.

Gridlock is completely phony. The Congress of the United States could create any amount of United States Notes without incurring a penny of debt. These “Legal Tender Notes” could be loaned and spent into the economy to stop housing foreclosures and the decline of housing asset value. Low interest loans (like made by the Federal Reserve to the banks) for long terms could be made to Americans in underwater mortgages, part of which could be dedicated by agreement to pay off any mortgage arrears and some months future payments. U.S. Notes by the $hundreds of billions could be used to fund a very broad based employment stimulus program, provided we get over the idea that this money has to be used in maximally “productive” ways. The only way to break out of stagnation, to create effective demand and new jobs is to employ millions at living wages. People who need jobs can’t all operate earth movers. But millions can use trash spears, brooms and paint brushes. Would this be inflationary? Yes! But the Panic of 2008 was unwarranted severe DEFLATION. It can be counteracted only by limited, targeted re-flation of housing and employment. The powerful private banks hate the idea that U.S. Notes can be created without debt, with no bond interest due to them for selling us our money. Look into U.S. Notes for yourself. Then demand Congress authorize them! That's our bailout, our low interest loans, using our money.

S1789, sponsored by Lieberman, would cut 100,000 jobs with the USPS when we don't need to have more unemployed workers. S1789 would decrease compensation for injured workers and end it for those over 65, when we don't need to take away compensation or lower compensation for injured workers.It would weaken the unions which promote a "living wage" at a time when we don't need to add more people to the "working poor", S1789 would close smaller post offices (some have already closed),and slow mail delivery by closing 200+ distribution centers.In 2006 Congress voted to have the USPS fund 75 years of retiree health benefits in 10 amounting to 5.5 Billion a year.Saddled with funding 5.5 Billion a year that had nothing to do with mail delivery, the USPS could no longer have it's revenue =costs as it had done until 2005.If this bill is passed or HR2309 the USPS will end up virtually privatized with lower wages and benefits for it's workers,a scaled down and overworked workforce, more mail services contracted out, less services for the public including encouragement of curbside service in place of home delivery.

I never did understand why the people with foreclosures weren't bailed out instead of the banks. Homeowners could make their mortgage payments and the banks would get their money.The way it was done the banks got bailout money and got the foreclosed properties which they could resell some of which went to speculators, both American and Foreign

JFK, by executive order, began issuing United States Notes. Then he was killed, and one of the first things LBJ did was to stop issuing them and to recall and destroy all the ones which had bee issued.

Or is it 80 years? Whatever. I've been hearing this call for 'change' since the 60s, and haven't seen any. But don't worry, there is still plenty of alcohol to drink and people to fool around with. woo hoo. Pay no attention to that man behind the curtain stealing you blind.

Sadly, many of the beaten-down people, the real mutts, the "I-don't-know-why-I'm-pissed-off-so-it's-got-to-be-the-government (a.k.a. Tea Party and worse)" types, are going to vote for the "Rimless-one" egged on by the owner-media and "Fixed" fantasy-news.Equally sadly, there are few forthright and relentlessly courageous representatives like Senator Sanders, who is one of the few members who truly earn his title and do his job.I'd give him some money for his re-election if I had any to spare!

I expected that Obama will start the "Pecora hearings" the day after inauguration. Unfortunately, he did not realize that the opposition is pushing with maximum effort towards PLUTOCRACY. Obama had the chance to stop it for good. He missed it!! He had no business to run for President.

If the American people are angry, they're directing their wrath in the wrong direction: against the Progressives instead of the rethuglicans who are responsible for this country's economic plight, and it's so obvious that the people are voting against their own interests aren't just angry.

I still have to meet the angry ones apart from the ones who post here.

No, Americans are not angry; they are stupid, willfully ignorant, under- and uneducated, brainwashed, self-righteously religious. They are also so completely scared of loosing what little they still have, they do not dare to flinch.And therefore, most regretfully, they are incredibly compliant.

Their wages or hours are cut, and they answer, well at least I still have a job.

I work for a grocery store chain (regional, without about 200 stores)and we are required to wear company shirts (logo, name embroidered) that are only available at the “company store”. They provide each employee with one (!) shirt for free. If you need more shirts you have to buy them at the “company store”. The majority of the employees have to work about one and a half hours to pay for one shirt.Of course you need more than one shirt - that is as obvious as you need more than one pair of socks or underwear.They offer to deduct it from your pay check – as if you don’t pay for it that way.

And everybody complies!!!!! At least I still have a job.That is America!

Selwick, what you describe so perfectly is the "Gilded Age". The majority of the workers are so damned scared and live paycheck to paycheck. They owe their soul to the company store. The next step? They will become slaves and just be damned happy to have a roof over their heads and one square meal a day. As for the shirt, that will have become tatters long ago. People better wake the hell up and truly become angry because they are being screwed to the wall.

S1789, sponsored by Lieberman, would cut 100,000 jobs with the USPS when we don't need to have more unemployed workers. S1789 would decrease compensation for injured workers and end it for those over 65, when we don't need to take away compensation or lower compensation for injured workers.It would weaken the unions which promote a "living wage" at a time when we don't need to add more people to the "working poor", S1789 would close smaller post offices (some have already closed),and slow mail delivery by closing 200+ distribution centers.In 2006 Congress voted to have the USPS fund 75 years of retiree health benefits in 10 amounting to 5.5 Billion a year.Saddled with funding 5.5 Billion a year that had nothing to do with mail delivery, the USPS could no longer have it's revenue =costs as it had done until 2005.If this bill is passed or HR2309 the USPS will end up virtually privatized with lower wages and benefits for it's workers,a scaled down and overworked workforce, more mail services contracted out, less services for the public including encouragement of curbside service in place of home delivery.

S1789 should have died in Committee.Too much was sacrificed to have this bill pass in the Senate to forestall HR2309 being brought up for a vote. In fact, more for political reasons than not, HR2309 has little chance to be put up for a vote according to one expert.S1789 a bad deal for the USPS workers. It's bad for the public who will have to fight the battle over and over again to keep their post offices open and Saturday delivery. The workers will be subjected to being put in the line of fire by having their wages and benefits brought closer to the "working Poor" by a clause in S1789 which would give the USPS power to adjust wages according to what financial goals are met.The USPS financial difficulties will continue no matter what band-aid is applied to it by S1789 and unless the PAEA is rescinded and the USPS is released from having to fund 75 years of retiree health benefits in 10 at 5.5 Billion a Year the USPS will continue to have financial difficulties. No amount of lowering wages and benefits. and elimination of jobs and 200+ distribution centers closed will cure a 55 Billion dollar funding debt paid for in 10 years.

Bernie Sanders I like what you do so I'm really puzzled why you would vote for S1789.

The Postal system paid for its' self so naturally someone wants a piece of the pie.Only problem is that if we let it go to someone else they will rape and plunder it to death. It is mandated in the Constitution that we have a postal system. It is very efficient, how else can you get a letter to anywhere in the state where you live for forty five cents and do it overnight. Leiberman is retiring, 40 years too late. And contrary to popular belief that electronic mail will be the only way to go, can you hold it in your hand and put it away so you can go back and read it again and again. Who doesn't like to open mail, receive a card or note from a friend or a loved one?Bernie Sanders has the Old New England horse sense that New England has been famous for. Too bad it fast fading away. There used to be a pride in it. I was raised that way and have tried to pass it on to my children and grandchildren.So everyone send a card or note to someone today. I have written letters to all of my grandchildren just so they can have the joy of opening and reading it.

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